With the controversy of dofollow and nofollow links things tend to get a bit confusing to say the least. At the end of the day it is all about what makes Google happy, and the best way for us to maintain the integrity of our page rank while doing so.

Based on my personal experience using dofollow or nofollow tags on your disclaimer, privacy policy, or other comparable links should not be your main focus. Having one link from your main page to your disclaimer, and privacy policy would be sufficient. Linking to the content from every page is a bit redundant and serves no purpose.

I would only use the nofollow tag on pages that you do not want indexed by Google such as a login page. Indexing a login page serves no purpose, and does not need to be indexed in Google’s search engine.

It is not a good idea for you to invest too much time focusing upon which links should be dofollow and which links should be nofollow. Your time would be better spent focusing on creating high quality content that would make others want to link to it. As a good practice the nofollow tag should be used on pages that you do not wish to be visited or indexed by the Google bot.